A month after Editor & Publisher was bought by a boating magazine publisher – and two months after both titles were left for dead by Nielsen – 76-year-old book industry magazine Kirkus Reviews has a found a buyer, according to Media Decoder.
And the buyer is about as unlikely as Editor & Publisher’s was: Herb Simon, owner of the Indiana Pacers NBA franchise.
"With the growth of e-books and e-reading devices, no one can really see the future of publishing. But turmoil like this creates opportunities," Simon said in a statement. "At a time when even the definition of a book is changing, my love of books makes me want to be part of the solution for the book publishing industry."
Unlike the situation at E&P, Simon said he intends to keep editor Elaine Szewczyk and managing editor Eric Liebtrau installed, along with its biweekly print edition.
Terms of the deal were not disclosed, but Simon certainly has the cash. Apart from the Pacers, Simon is the chairman of the Simon Property Group – the largest shopping mall owner and operator in America, according to Daily Finance.
More to read:
Killed Kirkus Reviews Not Dead Quite Yet
Updated: Unlikely Buyer Emerges for E&P
Nielsen Decides to Fold 108-Year-Old E&P, 76-Year-Old Kirkus Reviews
Nielsen Sells Hollywood Reporter, Billboard; Axes E&P, Kirkus